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Citigroup's Banking Unit Settles
Complaints Over Telemarketing

Dow Jones Newswires

Updated Feb. 27, 2002 3:40 p.m. ET

Citigroup Inc.'s banking unit agreed to pay $1.6 million to 26 states and will initiate consumer-protection reforms to settle complaints about the telemarketing practices of Citibank's business partners.

Citibank agreed to several reforms, including prohibiting customer charges unless there is express authorization of the account holder, Illinois Attorney General Jim Ryan said Wednesday.